Indian stock market today: Vaishali Parekh of Prabhudas Lilladher has recommended three stocks for intraday trading on Tuesday, 22 September. Her picks include Eternal, Urban Company, and Rain Industries, with specific buy levels, targets, and stop-loss levels for each stock.
Domestic stocks advanced in Monday’s trade, 21 September, as sustained losses prompted value buying in select counters, while oil-sensitive stocks recovered following a drop in crude prices, although underlying geopolitical tensions capped the upside.
The Nifty closed 0.29% higher at 23,414, while the Sensex rallied 0.81% to 74,894. The broader markets, however, remained mixed, with the Nifty Midcap 100 index falling 0.23%, while the Nifty Smallcap 100 index remained largely unchanged from Friday’s close.
Sectoral performance was mixed, with pharma, realty, FMCG, consumer durables, and oil and gas stocks closing with gains ranging from 0.53% to 1.27%. Among the losers, metal and PSU bank stocks were the top laggards.
Can Nifty reclaim 23,800 and Bank Nifty cross 57,300?
Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, said the Nifty slowly and steadily is picking up well from the low made near the 23,100 zone to close above the 23,400 level, with bias and sentiment gradually improving but still needs to cross above the 23,800 level to establish conviction, and thereafter, expect for further rise in the coming days.
As said earlier, Parekh said, on the downside, the index would have the 23,000 zone as the important and crucial near-term support, which needs to be sustained, and, on the upside, the 24,000 would be the important hurdle above which the bias would overall turn positive.
On the Bank Nifty, Parekh said the index slowly recovering from the low made near the 55,700 level, once again witnessing a lull session but closing in the green near the 56,500 zone, is slowly inching ahead with sentiment slightly easing out and a decisive move above the important 200-period MA at the 57,300 level shall improve the bias to establish some conviction and thereafter, can expect for further rise in the coming days.
A decisive breach above the tough hurdle of 58,500 is necessary to trigger a breakout and anticipate a fresh positive trend to continue in the coming days.
Parekh said the support for the day is seen at 23,300 levels, while the resistance is seen at 23,600 levels. Bank Nifty would have the daily range of 56,000-57,000 levels.
Vaishali Parekh’s stock recommendations for tomorrow
Regarding stocks to buy and sell today, Vaishali Parekh, Vice President – Technical Research at Prabhudas Lilladher, recommended three stocks for intraday trading: Eternal, Urban Company, and Rain Industries.
1] Eternal: Buy at ₹335.90, Target ₹352, Stop Loss ₹328.
2] Urban Company: Buy at ₹173.40, Target ₹182, Stop Loss ₹169; and
3] Rain Industries: Buy at ₹212.18, Target ₹223, Stop Loss ₹208.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
